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Response time and utility

Echenique, Federico and Saito, Kota (2017) Response time and utility. Journal of Economic Behavior & Organization, 139 . pp. 49-59. ISSN 0167-2681. doi:10.1016/j.jebo.2017.04.008. https://resolver.caltech.edu/CaltechAUTHORS:20170628-110121372

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Abstract

Response time is the time an agent needs to make a decision. One fundamental finding in psychology and neuroscience is that, in a binary choice, there is a monotonic relationship between the response time and the difference between the utilities of the two options. We consider situations in which utilities are not observed, but rather inferred from revealed preferences: meaning they are inferred from subjects’ choices. Given data on subjects’ choices, and the time to make those choices, we give conditions on the data that characterize the property that response time is a monotonic function of utility differences.


Item Type:Article
Related URLs:
URLURL TypeDescription
https://doi.org/10.1016/j.jebo.2017.04.008DOIArticle
http://www.sciencedirect.com/science/article/pii/S0167268117301014PublisherArticle
http://resolver.caltech.edu/CaltechAUTHORS:20160321-135336141Related ItemWorking Paper
ORCID:
AuthorORCID
Echenique, Federico0000-0002-1567-6770
Saito, Kota0000-0003-1189-8912
Additional Information:© 2017 Elsevier B.V. We appreciate Antonio Rangel, Ian Krajbich, and John Clithero for valuable discussion. We also appreciate Yimeng Li for his careful proof reading of the paper, and helpful suggestions. This research is supported by Grant SES1558757 from the National Science Foundation.
Funders:
Funding AgencyGrant Number
NSFSES-1558757
DOI:10.1016/j.jebo.2017.04.008
Record Number:CaltechAUTHORS:20170628-110121372
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20170628-110121372
Official Citation:Federico Echenique, Kota Saito, Response time and utility, Journal of Economic Behavior & Organization, Volume 139, July 2017, Pages 49-59, ISSN 0167-2681, https://doi.org/10.1016/j.jebo.2017.04.008. (http://www.sciencedirect.com/science/article/pii/S0167268117301014)
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:78647
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:28 Jun 2017 18:04
Last Modified:15 Nov 2021 17:41

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